Last year may have seemed like the year carbon trading lost its allure. In August, JP Morgan sold emissions offset developer ClimateCare back to itself and in October the bank’s managing director for environmental markets, Odin Knudsen, left his position, citing the impact on the business of the failure to create a US federal carbon trading scheme. More recently, Société Générale sold its 50% interest in carbon trading company Orbeo back to partner Rhodia’s parent company, Solvay.